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is what is crazier than the 3 trillion-dollar coin is the debt ceiling. congress has always raised the debt ceiling. only how have they fought the white house. well, it's for debt that the congress has incurred. it has to go up. the idea that this 3 trillion-dollar county could get them back the debt ceiling on a technicality is something that makes sense. >> cenk: so it's an absurd idea. understand first of all if they're not going to put it into circulation. if they put it in circulation then they would have inflation. but if they're not going to put it in circulation then what is. this all about? i guess it's the technicality to say technically we still have money. but if you had to actually use it. >> it means that they don't have to issue t-bills or auction off treasury bill. and the other side of this coin--literally--that was quite an accident. it would show how silly this is. >> cenk: the new york federal reserve, the main organization, is run by the top banks. we have given out our most important power to private corporations that then shockingly enough when bush comes to
should just raise the debt ceiling on his own, if congress can't agree. what are the chances? >> i don't think that that's going to happen, but i think that president obama would like that. and said earlier he's not going to negotiate raising the debt ceiling with congress. we have to get this done and that the country has to pay its bills and i totally agree we should not default on our bills, jamie. we can't keep raising the debt ceiling and kicking the can down the road. the president said if we don't pay our bills it's going to be catastrophic for the global economy, if we don't balance the budget and stop this spending in washington d.c., that's going to be more c catastroph catastrophic, if washington d.c. doesn't work together-- >> angela, we've had that conversation for two years now, working together and mary anne we're at a point where something's going to have to be done. and even with the new taxes every american pitching in, we can't cover our debts. first of all, what do you think the chances are that the president will do that and what if our country gets downgraded agai
in which he talks about the upcoming fiscal fight over the debt ceiling and drawing a hard line with congress saying he's not going to negotiate with them and house speaker john boehner drawing a hard line as well saying he'll use the debt ceiling debate to try to cut spending. so it looks like we are gearing up for another big battle, craig. this vacation will not last very long. >> kristen welker with a whole lot of day left in hawaii. i expect you have plans as well. good luck, kristen. >> thanks, craig. >> out with the old and in with the new. we're not just talking about out with the old and in with the new. we're not just talking about the fights on the horizon that will include a few familiar faces and washington post ed o'keefe, good afternoon to you, gentlemen. >> gentlemen. >> ed, the end of 2012, all about the fiscal cliff. right now we're talking about the debt ceiling discussion ahead. how tough of a fight is president obama going to be coming home will to? >> oh, a very tough one because republicans now determined more than ever to get spending cuts as part of the
deficit as he prepares to battle with congress over the national debt ceiling but he wants congress to raise the debt limit. lawmakers threatened inaction on that and credited rating was downgraded. >> as i said earlier this week, one thing i won't compromise is congress should pay for a tab they already racked up. if congress refuses to give the ability to pay bills on time, global economy could be catastrophic. last time they threatened this action our entire economy suffered for it. >> katie: the republican response by michigan congressman dave kemp, it's i'm to identify responsible ways to tackle wasteful spending. >>> white house officials say president obama is expected to nominate chuck hagel of nebraska to be defense secretary. >> the scandal over hidden cash has taken a new turn with release of a scathing report. it turns out the money was hidden for more than 12 years. capitol core dental nannette miranda explains. >> 70 state parks were scheduled to shut down last summer because of budget shortfalls but just as the closures were about to happen a surplus of $54 million wa
too much to take. talk about the do nothing congress. the debt ceiling and this week people are getting paychecks for the first time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit people hard. ha and then add the obamacare tax and the economy will be in a world of hurt. gerri: maybe there is a tax revolution. people may make calls to congress. who knows? >> i do think there will be a revolt from people who voted for obama that would only hit the nasty rich people. but it will hit them. in and they lose their jobs because the rich guy cannot keep people on the payroll is pay the government or keep the employee. he makes the decision about the employee but not the taxes or he goes to jail. gerri: we had jobs numbers today. 155,000 jobs were created. that is so unimpressive. if we don't create 240,000 jobs we cannot keep up with the num
that congress lives the federal debt ceiling. >> the last time congress threatened this the whole economy suffered. our families and businesses cannot afford this. >> the nation's credit rating was downgraded last year when lawmakers threatened in action on the debt ceiling. on the republican side, representative dave camp from michigan set america's credit cards are maxed out. he stated that there is no money in the bank, so we have to stop spending. >> we do have rain on the rway it will also increase throughout the day. in the north bay it will grow more into the evening. satellite and radar shows there is a cold front approaching. it will push its way into our area in the afternoon. by 1:00 p.m. it will make its way to santa rosa. off by 3:00 p.m. it will cross over the golden gate bridge. by 6:00 p.m. it will increase in intensity. it will be moderate the downpours and the heaviest rain will push them by 7:00 p.m.. by about 11:00 p.m. we still will be bill wet weather. it was still be showers along the san mateo) coast. >> it is mid 30's and santa rosa and it is 34 currently and fai
the federal deficit, spending cuts, debt ceiling. if the last congress had so many challenges producing a bill to avoid the fiscal cliff do you think this congress will be more productive and if so why? >> you know, i think that remains to be seen. i think that, again, that congressmen need to hear from their constituents and people need to know that, hey, we sent you guys up there to get to work. we mean business. stop all of the partisan bickering. of course, republicans and democrats are always going to have differences on issues. but things of this nature that could cause economic catastrophe, those sorts of things, we should be able to work a lot easier on and that's why i'm up here. i want to work with my republican colleagues. i've reached out to all of my republican colleagues in the north texas area to let them know i want to work with them and i will continue to reach across the aisle, all across the congress working with republicans because i know that it is very important that we do a better job of working together. >> i want to ask you about a comment made by the number two republ
worked in an administration, you know, opposes the idea of a debt ceiling and congress sees it differently. it's not going to be between john boehner and the president, it will be a negotiation between the house and the senate to be able to come together to deliver a bill to the president. that's why the president is actually in a strong position to say he's not going to negotiate because, you know, two divided of congress are going to have to negotiate with each other to deliver that bill to the president, so that's where the negotiation will take place. but if boehner feels like he can accomplish something on the spending cut side in that negotiation, then he'll come out a little bit just fine i think. >> you know, karen, do you think the president's in a stronger position for having his vice president, joe biden, on his team? i mean, look at what he did during the fiscal cliff fight last weekend, do you think he'll be used in the debt ceiling debate? >> absolutely. biden has on a number of occasion really been the key figure in some of these negotiations. although i do wa
with congress over lifting the debt ceiling. >> will not play that game. >> the president might not want to have this debate but he is going to have because this is what the country needs it. >> is there a magic bullet to solve the crisis? " what a magic going. some legal scholars are suggesting a one trillion dollar platinum coin you could be minted. if they could use that to pave the debt. to pay the debt-- and it sounds silly but it is absolutely illegal. >> why do think that it is a a? >> i think that it is better than a government shutdown or the bad alternatives. >> technically it appears to be legal. the u.s. government print money but how much paper can be in circulation at one time portholes so they would limit the denominations that gold, silver, copper could be but there's no limit on platinum. the president can issue a platinum and they can print it one trillion dollars. the president can be ordered that the deposited into the federal reserve. >> when the treasury writes checks the will catch them. >> the money would never be in public circulation disorder would not cause inflation.
prepares to battle with congress over the national debt ceiling. but he repeated his insistence that congress must raise the debt limit to pay for the debt they already created. when lawmakers threatened inaction on that last year, the nation's credit rating was downgraded. >> as i said earlier this week, one thing i i will not compromise over is whether or not congress should pay for the bill they have already racked up. if congress refuses to give the united states the ability to pay their bills on time the consequences for the entire global economy could be catastrophic. last time they threatened this action our entire economy suffered for t our families and our businesses can't afford that dangerous game again. >>> the republican response by michigan congressman dave camp said it's time to identify responsible ways to tackle washington's wasteful spending. he says america's credit cards are maxed out and there's no money in the bank account so the spending must stop. >>> and president obama is expected to nominate former republican senator chuck hagle of nebraska to be defen
. >>. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate, but it's the one he's going to have, because the country needs it. >> reporter: so while they debate over a debate and raise head-long into the dead ceiling, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman, are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt kreeg crisis. democratic congressman gerald name and address or of new york says i'm being serious. it sounds silly but it's absolutely legal. why do you think it's a good idea right now? >> well, i think it's better than a government shutdown. it's better than defaulting on the debt. it's better than the bad at actives. >> reporter: and technically, it does appear to be legal. here's how. the u.s. government can print new money, but under law, there is a limit
bypass congress entirely and invoke the 14th amendment to the constitution and raise the debt ceiling on his own and high-ranking republicans, john cornyn, also stated this week he thinks republicans should be prepared to push it to the point of a potential government shutdown in order to more spending cuts from the other side. one important thing to bear in mind, we have two months to get the deal done, the leeway is much less for them. the senate and the house will only be in session for two days until they come back on february 4th, and that's not a lot of time to sit down and get negotiating done. >> i want to pick up what republican senators john cornyn said in the houston chronicle. the op-ed, it may be necessary to parnl partially shut down the government in order to secure the long-term fiscal well-being of our country, rather than plow along the path of greece, italy, and spain. making a comparison to the beleaguered countries in europe. do you think we could see a shutdown? >> i don't think so. republicans want spending cuts to happen, but newt gingrich said yesterday and a
the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts,
or come to some decision on the debt ceiling. are you willing to vote to raise the debt ceiling? >> i think ultimately we're going to have to, aren't we? i don't think there's a single person in congress or in washington that recognizes that, you know, some time in the next short while, we're going to hit that limit. and at that point, we have to -- we have a financial obligation to, you know, millions of people and to programs throughout our government. the question is, what are we going to do to fix the problem? like you started out with your quote there, we want to come back and fix something, do something meaningful here. i tell you what. the problem is that we just continue to kick the can down the road and it doesn't help anyone. we talked about saving our childr children, our country for our children or grandchildren. i don't think we have that long when it comes to our debt. we can't -- this isn't a generational problem. this is a problem we've got to take care of right now. >> and you're talking policy, which is a good thing to talk about. of course, we know in washington pol
that is congress must lift the debt ceiling. the president said the nation's credit rating is at stake . the second bank robber recaptured after a prison break makes his first court appearance. he could face five years behind bars . mediator in the nhl labor fight is back. both sides have less than a week to end the lock out. recovery crews are preparing to move a drilling rig that ran aground in the remote alaska island. it was towed during a storm to seattle when it was separated from the tow lines. crews are gearing up to attempt to recover the rig. dominic is track from the la news room. >> hey, there. describing it as firm's agrounded drill ship on the rocky banks. on the islands that is just south and means seriously stuck and how to get it out of the water is a massive plan. it involved sea and air and land operations. the risk is more bad weather is coming in the area it could mean hostile conditions . today they flew in more crewing to fix the power on the rig. their lives are at risk in doing this. >> so many people involved in the resphonce operation. we have air and float assets and peo
says he will not negotiate over the debt ceiling. he should not. this is something that is artificial. >> will the new congress make a difference? more women, more latinos, gays and lesbians. or african-americans, asians. will the makeup of congress make a difference? >> if anything, congress is more polarized because of redistricting. this is part of the problem. >> you do not see a ted cruz of texas and elizabeth warren coming to terms over legislation? >> i doubt it. there's another thing here that i just want to mention. the president says he will not negotiate a bar raising the debt ceiling. that is paying the bills we have already incurred a, not setting a new standard. he has to negotiate, but he also has the possibility, instead of just letting us rolling the dice as simply saying he's going to break it. if he does that, there will be a court case, but that will take time. >> they want to jeopardize the full faith and credit of the united states by refusing to raise the debt limit, they will pay the consequences. >> you may want to refer to an impassioned speech obama gave in
much he wants to get involved. >> jamie: do you think he could raise the debt ceiling without getting the consensus of congress? >> he has already done things that most cooling scholars is dubious. he made appointments in congress when congress was out of session but congress said it wasn't out of session. nancy pelosi the democratic leader of the house has said the president should do this and she'll back him up. if the president did that it might go to court. i don't think the courts would exercise injure diction on that. of course the president would do that. if the consequences are catastrophic as they claim, i don't think they will be, of course he'll do it. >> jamie: you talk about the republicans' approach of cutting spending in order to make this deal on raising the debt ceiling. is there any other choice than to cut spending? >> you can do three things without problems unless you wanted to become greece. you can cut spending, reduce the rate of spending that we have. you can raise taxes. we just did that or you can print monday and we have done a lot of that. those are three
he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one top republican in the senate john cornyn says in an op-ed in the houston chronicle it may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country. democrats warn, watch out. >> risking government shutdown, risking not raising the debt ceiling is playing with fire. >> on this vote the aye are 354 the nays are 67. >> reporter: a preview of the brinkmanship came in the house where 67 republicans including house budget chair paul ryan voted against $9.7 billion in aid for victims of superstorm sandy despite the tongue larshig from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the relief is up in the air until later this month was a letdown for new york and new jersey lawmakers. even the
revealed the 113th congress is not going to learn the lessons of the 112th, brace yourself for the debt ceiling debacle, part two. >>> john boehner once again holds the speaker's gavel. only in his hands, it is weightless and makes no sound. >> the number one issue is still the economy. >> the new jobs reports shows 155,000 jobs added. >> that is about what was expected. >> things only get worse for john boehner. >> he is getting hit from all sides. >> we're standing here not to be something but to do something. >> if washington was going to do something they had their opening. >> it is a time to rise. >> the next flight, the debt ceiling. >> i think that is frankly a dead loser. >> it is time to rise. >> we really are playing with dynamite with the debt ceiling. >> is the glass full or half empty. >> tax increases destroy jobs. >> we always assume the republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the ti
ceiling to avoid a government default is a problem for congress. >> one thing i will not compromise over is whether or not congress should pay the tab fair bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> reporter: top advisers say the president will never again, as he did in 2011, get pulled into that debate. but republicans want a fight, tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small business and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit, new $16.4 trillion, comes up as do mandatory spending cuts in the tebz of billions. >> it's time to face up to the fact our nation is in grave fiscal danger, grave fiscal danger, and it has everything to do with spending. >> reporter: with taxes raised now, republicans contend they own the spending cut debate. to complicate matters, the government runs out of funds for
two months before they raised the debt ceiling on risk. the president says the debt limit needs to rise. republicans say the president isn't willing to cut spending he will get a debate whether he likes it or not. some are proposing using one trillion dollars to pay this year's budget deficit. those against the coin idea... mike quickly snagged an influential assignment in the new congress. he will be the only member from illinois to serve on that panel. in an attempt to reach a compromise on pension reform in illinois willing to back off a proposal that will shift pension costs for suburban in downstate teachers. quinn says that he hopes madigan ships on who pays the pension costs will lead to a breakthrough on a pension reform. quentin and legislative leaders are scheduled to meet tomorrow afternoon to discuss pension reform it's believed it's sometimes easier to pass it difficult legislation in this waiting days of the session. the head of chicago immunizations will talk to us on how it looks so far. a pilot arrested moments before his plane was supposed to take off what poli
is to lead. that means working with congress to come up with solutions. working on the debt ceiling is a huge part of that. if you look at any of the ideas that have been put forward to address the deficit and debt and the long-term growth of this country, it involves not only tax reform, it involves entitlement reform, balancing the budget and controlling spending. all of those things go into controlling the the debt the right way. host: has the president been a leader on these issues? guest: he needs to be more engaged on these issues and he needs to tell the people of this country what he believes the right plan is. host: that we go back to what senator mcconnell said and ask you to put some specifics to these words. guest: a similar plan passed the house committee, but the fall plan did not get through the house. we are improving the farm policy for farmers and ranchers, but at the same time, finding real savings. the other thing, when you put a five-year plan in place, you create certainty. that certainty stimulates investment and that stimulates economic growth that not only means putti
house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government." >> democrats warn, watch out. risking government shutdown, risking not raising the debt creeling is playing with fire. >> on this vote, the yays are 354, the nays are 67. >> reporter: a preview of that brinkmanship came in the house, where 67 republicans, including house budget chair paul ryan, voted against $9.7 billion in aid for victims of superstorm sandy. despite the tongue-lashing they got from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is now up in the air until a vote late thermowas a letdown for new york and ne
done. you heard him preview this argument that if the nation does not increase its debt ceiling and if this becomes a long, drawn-out battle like the one we saw back in 2011, the economy will suffer greatly for it. so the battle lines are getting drawn, craig. get ready for another big washington with, knockdown, drag-out fight. it sounds like it will be debt ceiling before immigration. >> well, i wouldn't say that. i have been talking to my sources here who say that the president is still very focused on his second term agenda which includes immigration reform and enacting stiffer gun control laws and also some new energy policies in terms of the timeline, the white house is still working all of that out, but they say that the president is determined not to have these budget battles derail or side line his other policy goals. a lot of analysts are looking at the situation and saying it's tough to do that and there are more budget battles that are on the horizon that will take up a lot of time and public attention and consumption. >> kristen welker. honolulu. kristen, thank you
. the president's... . the presiient says he onnt negotiate ith congress over liftiig the debt-ceiling. "i will not play that gamm!" republicans say: "the presideet maa not want to have phis debatee but it's the one he's gonna have - becauue the coontry needs it." so while they debate over a debate- ann &pbuulet to solvv the crrsis? 3 try a magic coin. some economists, legal scholars and now even a congressman are suggessing a 1-trillionndollar and he gooernment could use default and pre-empt the debt ceeling crisis. democratiic congressman jerrold adlerrof new york ays "i'm being absolutely serious... it absolutely legal." i spoke to you think it's a good idea do right now." "well i thiik it's better than aagovernmenn shut- down. it's better than ddfaulting on the debt. i mean &pit'' better than the bad alternaaives." ann technically it appeaas to be legal. here's how. "the uss money... but under law there's aalimii toohow much paper money can circulate at any onee that limit at least whaatee dennminations gold, silver and copper coins can be. bbt there ii no limit on platinum &pcoi
to the president. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of defeat once again, which is part of the negotiation, which by the way we never did in our history until we did it last year, i will not play that game. >> he says he wouldn't play that game. but republicans say they will only raise the debt ceiling if there is an equal amount of spending cuts together with the raising of the debt ceiling. he says he is not going to play that game. will he have any choice? >> look, that is the kind of brinksmanship i'm talking about. we should not negotiate on the full faith and credit of a u.s. government. that is crazy. why would we want to put our economy through that? but there are lots of things we can negotiate on. we do have a sequester, we do have the end of the continuing resolution. we have lots of things coming up that will force us to make some of the tough decisions. >> here is what mitch mcconnell wrote on yahoo! news. i'll read about it, he is going after the president. he is the republican leader in the senat
on the search for vittorio missoni.>>> good-bye, l cliff, hello debt ceiling cliff. i'm ali velshi. your elected officials ready to push america over the edge of the cliff. >>ly not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> well, yes, you will, mr. president, and very soon. democrats and republicans are set to clash again over raising the u.s. debt ceiling. let me tell you back in the old days the u.s. had a system where every time a bill involving money was passed the treasury had to raise money for it by issuing bonds. the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit
the federal deficit, spending cuts, the debt ceiling. it's the last -- if the last congress had so many challenges producing a bill to avoid the fiscal cliff, do you think this congress will be more productive, and if so, why? >> you know, i think that remines to be seen. i think that, again, that congressmen need to hear from their constituents and people need to know that hey, we sent you guys up there to get to work. we mean business. stop all -- all of the partisan bickering. of course, republicans and democrats are always going to have differences on issues, but things of this nature that could cause economic catastrophe, those sorts of things, we should be able to work a lot easier on. and that's why i'm up here. i want to work with my republican colleagues. i've reached out to all of my republican colleagues in the north texas area to let them know that i want to work with them, and i will continue to reach across the aisle, all across the congress with -- working with republicans because i know that it is very important that we do a better job of workiwork ing -- of working toge
as congress to production before we can have agreement to raise the debt ceiling. host: i could be the entire piece by eugene robinson, but i will share the first sentence. guest: it's clearly critical. i understand that solutions by nature are imperfect. but the reality is we have got to do these things that we are talking about. we need to do it in a thoughtful, open, transparent way, not. at the last not i think that is what he's referring to. when you do it up against these deadlines, a way to do business. we talked about it earlier. i hope that running into the deadline on the fiscal cliff is something that congress will take into account as we work on the debt ceiling agreement and that we can get it done before the deadline. remember, you have talked about how president obama, speaker boehner will approach these things, we've got to have people talking to each other and we've got to get to solutions before the 11th hour to avoid that. that is absolutely what we can do. host: we agreed to the debt ceiling limit, $16.4 trillion, up in the last hours. guest: the treasury has some flexibil
obama is turning his attention to the next battle in today's weekly address, the debt ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts. insiders on capitol hill have been told to prepare for chuck hag hagel's nomination for defense secretary. at the same time, a white house spokesperson says the president has not made a final decision yet. congress passed a hurricane sandy relief bill that provides 9.7 billion to the national flood insurance program, nearly out of money, republican leadership took heat from both parties. the house is set to vote on additional sandy aid. worth nearly $52 billion on january 15th. the senate is recessed until the 21st. >>> presi
to be that we're going to have to raise the debt ceiling. it's going to cost us more money. we're going to go into debt more , and that's going to cae a ripple effect internationally in globally decrease our debt rating, maybe double-a-2 and a. neil: side of the keys as will blink. the last downgrade the world went merrily on. what will it take? >> that such a good point. not only go merrily on, but the dollar actually got stronger after the downgrade because it created a lot of uncertainty. you know what, there's a point at which everything changes. all of a sudden people realized, these guys really cannot get their act together. neil: a handle on your head. >> i know that. sometimes it takes that. you know, my guess is you're going to get a downgrade. i don't see how these guys get together. neil: my guess is it has no effect. >> i bet you a nickel it does have an effect. the dollar, this one doesn't have an effect, the next one, and i think this country needs a crisis. i think the crisis will be the dollar becomes trash and inflation heads up i a dramatic way. and that ill get everyone's a
with republicans, in today's weekly address, the debt ceiling. now, here's the president -- >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses to give the united states the ability to pay their bills on time the consequences for the entire global economy could be catastroph catastrophic. >>> john boehner told members of his gop congress on friday he plans to use the upcoming watt battle as leverage for more spending cuts. chuck todd reports that insiders have been told to prepare for chuck hagel's nomination for defense secretary as possibly as early as monday. a white house spokesperson said the president has not made a final decision yet. >>> and former arizona congresswoman gabrielle giffords spent time in newtown, connecticut, she met with victims and families of the sanity hook elementary school shooting. gifford's survived being shot at a campaign rally in tucson, arizona. >>> the president and the first family are wrapping up their vacation in hawaii. they'll leave his native state tonight.
with president obama, and the negotiation that will happen with the debt ceiling. >> yeah. >> the difference between compromise versus capitulation, part of the, no question, there will be additional compromise but the hard ball fight will be around the debt ceiling and specifically the entitlement reforms that republicans seek with social security and medicare. and the challenge for the president is he willing to play hard ball. since the republicans know right now no other way to play politics. >> i talked to a congressman, from oklahoma, he said that republicans and democrats literally rarely even talk to each other. i want you to take a listen here and we will talk about it on the other side. >> well, what we need to do is drop the label of republican and democrat, do what is best for the country, because we were sent there to represent the people not our party. >> and he goes on to talk about at orientation how they are on separate buses. i mean, it really does sound kwies silly, robert costa. >> it's very easy to the wagon your finger at the political process. but the fiscal cliff has
thought the fiscal cliff was nasty, just wait till you see how congress handles spending cuts and the debt ceiling. we'll talk to a republican congressman who actually supported the fiscal cliff deal and find out how he thinks the other deals are going to get done. >>> when it's okay to alter the historical accuracy of an official photograph. apparently when it's very cold outside. passengers on board a flight from iceland to new york find a unique way to stop an unruly passenger. we'll tell you what they did in a moment. the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. is a fantastic experience. 30 shrimp for $11.99. i can't imagine anything better. you're getting a ton of shrimp, and it tastes really good! [ male announcer
of vacation before he and congress engage in their next fiscal fight. at the top of the list, the debt ceiling which is like the nation's credit card, and it's about to max out. emboldened by his recent tax hike victory, president obama drew a hard line in his weekly address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> reporter: house speaker john boehner who won re-election to the speakership this week -- [ applause ] >> reporter: told his conference he plans to use the debt limit as leverage to cut spending. in the republican address, representative dave camp echoed boehner. >> our national debt is now over $16 trillion. we're crushing today's small businesses, and the next generation of americans under a mountain of dead. >> reporter: if the fight sounds familiar, it is. during the summer of 2011, the country had its credit downgraded after the president and lawmakers had a bruising fight over the debt limit. on friday, cnbc's jim cramer told andrea mitchell the upcoming partisan
're not spending any money. you're still spending the amount of money that congress voted to spend. there's no downside to it. now, is it a legal trick? yes, it gets around the legal trick and the blackmail of the debt ceiling. >> if there are any hollywood agents watching, i am working on a trillion-dollar heist film which would be superawesome from the trip to the federal reserve. find my e-mail address. >> the point is, it's a legal way of taking the blackmails away from whoever wants to use it. and then you can have an intelligent, or a proper debate of your level of spending. >> i think it's a fun idea to think about. you think about obama handing if you don't want to do boehner, and give it to republicans, the question is, you have are various ways to bring this up. but there could be a lot of litigation around whether this was actually the intent of the law. you could say actually this was it so that we could issue commemorative coins, say, with bruce springsteen's face on it. >> the general rule of statutory interpretation when you have very specific language that says you may do
of the debt ceiling we are going to approach here in a couple of months. it is going to be interesting to see what happens in congress. but it is really silly to argue over that issue because this is money that has already been appropriated and spent. they can control what they spend going forward, there's also going to be a battle over continued funding of the government in march and on the short term i'm pessimistic. but i agree with the caller from florida about we need to create jobs with good pay and benefits. from what i have read i understand that 60% of the jobs that are being created are not even subsistence type wages. so, from the little bit of economics that i know, countries that prefer cheap goods have cheap labor and basically it gets dragged down to the point where the imports come from countries like germany, which have high labor and high costs of goods are the ones that have a sustained economy. host: that is john from louisville, kentucky, on the democrats lane. "philadelphia inquirer" and other stories talk about the house vote on the $9.7 billion approved for flood insur
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